10 Real Estate Markets Expected to Boom in 2022

After a red-hot real estate market in 2021, experts anticipate the trend to keep on going into the new year. Here are the 10 real estate markets that are expected to boom in 2022.

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The city of Spokane, in eastern Washington state, claims to be the new New York City but with fewer people. Given its impressive Riverfront Park, world-class restaurant scene, and abundant downtown shopping district, it might just be.

One thing is certain, it has the Big Apple beat for housing prices. The average price per square foot is an affordable $192 compared with New York City's $865, and demand is there. In 2021, home prices appreciated close to 30% year over year.

There is sales growth, and there is price growth. Rhode Island's Providence-Warwick metro area is forecast to have the highest price growth year over year in the upcoming 12 months, with a projected 9.5% sales price increase for 2022. Expect the historic 1700s homes to go for even more in one of the United States' oldest cities.

Perhaps it's the small-town feel in the nation's 15th-largest city that draws people in. Or probably, more likely, it's the affordability of Indiana's capital city -- currently 8% below the national cost-of-living average.

Indianapolis gives residents the ability to purchase larger homes at reasonable costs while balancing the space many seek with big city amenities.

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Sunshine, warmth, and year-round outdoor living have always been alluring to northerners ready to retire, but with the mass adoption of remote work, the door to the Sunshine State has been swung wide open.

Tampa, Florida, may be rapidly growing, but it is still has a much lower cost of living than many places in the Northeast -- and no state income tax.

Just a short drive to the mountains or the beach, the growing metropolitan area of Greenville, South Carolina, features a belt similar to that of Washington, D.C. -- a forethought many big cities wish they had when they first started growing. Greenville is anticipated to continue its upward trend with a combined price and sales growth of 17%.

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Amazon, Starbucks, and Expeditors International all call Seattle home. So do more than 750,000 residents. This metropolitan area is one of the fastest-growing major cities in the country and perfectly blends big city and nature with thousands of acres of parklands, rugged forests, and scenic mountains.

With a hair over 15% growth projected for 2022, Utah's capital is poised to have the fastest growth in the country. As a relatively affordable escape from California and Colorado, Salt Lake City has seen a massive influx that is expected to continue as remote workers take advantage of this outdoor enthusiasts' dream city.

With a mix of residents of all ages, Boise boasts something for everyone -- along with reasonable housing prices and plenty of jobs. Idaho's capital city is No. 2 in overall projected growth for 2022, with a combined overall growth of over 20%.

ALSO READ: 7 Real Estate Investing Predictions for 2022

The central Massachusetts city of Worcester is a rapidly growing market, and the nearby town of Milford is even hotter, with the average home under contract in under a week.

This predominantly working-age town is a great place for those just out of college and young families that are looking to be close to the jobs in Boston but at a more affordable cost of living. The commuter train makes the back and forth not only feasible but easy.

Cheer on the Buckeyes, grab a beer from one of the breweries in the German Village, or walk the world’s longest single-span, single-tower, S-shaped suspension bridge in the world. With plenty of jobs and top-rated schools in conjunction with affordable living, it's easy to see why so many people are relocating to the Columbus, Ohio, area.

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Going with the flow works with solid demand and price support. Doing your own market research is critical, but these burgeoning cities seem like a great place to start.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Liz Brumer-Smith has no position in any of the stocks mentioned. The Motley Fool owns and recommends Amazon and Starbucks. The Motley Fool recommends the following options: long January 2022 $1,920 calls on Amazon, short January 2022 $1,940 calls on Amazon, and short January 2022 $115 calls on Starbucks. The Motley Fool has a disclosure policy.